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India's MobiKwik acquires wealth platform Clearfunds

India-based digital payments firm One MobiKwik Systems Private Ltd will make its foray into the wealth management segment after acquiring a 100% stake in online wealth management platform Clearfunds for an undisclosed sum, The Economic Times reported Oct. 11, citing a statement.

The acquisition is expected to help MobiKwik further strengthen its foothold in the digital financial services industry. The digital wallet provider plans to invest US$15 million over the next 12 months to scale up its wealth management business.

Following the acquisition, Clearfunds founder and CEO Kunal Bajaj will head MobiKwik's wealth management business.